Monday 5 October 2020 3:29 pm

Bitcoin banking app Mode lists on LSE's main market

Bitcoin banking app Mode has started trading on the London Stock Exchange, in the latest sign that life is starting to return to the capital’s IPO market.

The UK fintech today listed on the LSE’s main market, raising £7.5m by way of a placing of 15m new ordinary shares.

Read more: Crypto AM: Shines its spotlight on Mode

It is considerably more than the £5m originally sought after the issue was oversubscribed, and shares were trading level at 50p this morning.

Mode’s listing comes just days after David Beckham’s venture Guild became the first e-sports company to float in London, as life starts to return to the capital’s IPO market.

Mode offers one of the UK’s leading mobile banking apps to buy, store and grow Bitcoin, helping everyday consumers access digital access.

Aside from its banking app, Mode offers an interesting-generating account, dubbed the “Bitcoin Jar”, which allows Bitcoin holders to earn interest on their funds.

At a time when interest rates are at historic lows, Mode’s Bitcoin Jar gives customers access to one of the highest-yielding and most flexible interest products.

Mode was set up by tech entrepreneur Jonathan Rowland, who rose to prominence in 2000 when, at age 24, his internet investment company Jellyworks floated in London during the dotcom boom.

Executive chairman Jonathan Rowland said: “Today marks a pivotal moment for Mode, as one of the first publicly listed financial services companies with a consumer focused digital asset offering to list on the LSE Main Market.”

“Mode’s admission is a vote of confidence in our business strategy and our mission to reduce fragmentation and inefficiencies across the banking, payments, investment and loyalty industries.”

Read more: Mode Launches UK’s First Bitcoin Interest-Generating Account With 5% APY

Following its admission, Mode said it will turn its focus to launching a novel payments solution powered by Open Banking “that eliminates the need for cards”.

It is also looking at developing a loyalty and rewards engine that is integrated into the Mode app.